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Disclosures Important Disclosures Credit opinion history Brazil / BRAZIL Sovereign Date* Action Recommendation Brazil / BRAZIL 12-Nov-2015 Initial Marketweight Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." Colombia / COLOM Sovereign Date* Action Recommendation Colombia / COLOM 12-Nov-2015 Initial Marketweight Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." Mexico / MEX Sovereign Date* Action Recommendation Mexico / MEX 12-Nov-2015 Initial Marketweight 03-Dec-2015 Restricted NA 03-Dec-2015 Coverage Resumed Marketweight 21-Mar-2016 Restricted NA 21-Mar-2016 Coverage Resumed Marketweight 08-Aug-2016 Restricted NA 10-Aug-2016 Coverage Resumed Marketweight Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." Turkey / TURKEY Sovereign Date* Action Recommendation Turkey / TURKEY 12-Nov-2015 Initial Marketweight 23-Feb-2016 Downgrade Underweight 17-May-2016 Upgrade Marketweight 27-Sep-2016 Upgrade Overweight Table reflects credit opinion history as of previous business day’s close. “First date of recommendation within last 36 months. The investment opinion system is contained at the end of the report under the heading "BofA Merrill Lynch Credit Opinion Key." Credit Opinion History Tables for the securities referenced in this research report are available at http://pricecharts.baml.com, or call 1-800-MERRILL to have them mailed. LPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Brazil, Italy, Turkey. The issuer is or was, within the last 12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: Brazil, Colombia, France, Germany, Italy, Mexico, Turkey. LPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12 months: Brazil, Colombia, France, Germany, Italy, Mexico, Turkey. The issuer is or was, within the last 12 months, a non-securities business client of MLPF&S and/or one or more of its affiliates: Brazil, Colombia, France, Germany, Italy, Mexico, Turkey. LPF&S or an affiliate has received compensation for investment banking services from this issuer within the past 12 months: Brazil, Colombia, France, Germany, Italy, Mexico, Turkey. LPF&S or an affiliate expects to receive or intends to seek compensation for investment banking services from this issuer or an affiliate of the issuer within the next three months: Brazil, Colombia, France, Germany, Italy, Mexico, Turkey. LPF&S or one of its affiliates has a significant financial interest in the fixed income instruments of the issuer. If this report was issued on or after the 15th day of the month, it reflects a significant financial interest on the last day of the previous month. Reports issued before the 15th day of the month reflect a significant financial interest at the end of the second month preceding the report: Brazil, Colombia, Germany, Mexico, Turkey. LPF&S or one of its affiliates trades or may trade as principal in the debt securities (or in related derivatives) that are the subject of this research report: Brazil, Colombia, France, Germany, Italy, lexico, Turkey. The issuer is or was, with lexico, Turkey. BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall profitability of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible. BofA Merrill Lynch Global Credit Research analysts regularly interact with sales and trading desk personnel in connection with their research, including to ascertain pricing and liquidity in the ixed income markets. in the last 12 months, a securities business client (non-investment banking} of MLPF&S and/or one or more of its affiliates: Brazil, Colombia, France, Germany, Italy, BankofAmerica <2” 54 Global Rates, FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014784